ChainCatcher report, according to Lookonchain monitoring, after suffering losses exceeding $16 million on FRIEND, Huang Licheng (@machibigbrother) placed a $1 million bid to acquire Friendtech, driving FRIEND up nearly 30-fold. The suspected insider wallet 0x2078, after being inactive for six months, purchased 2 million FRIEND tokens for 1.88 ETH ($4,700), then sold them after the surge for a profit of 18.37 ETH ($46,000), achieving a return of nearly 10x.
FRIEND Surges 30x Following Huang Licheng’s Acquisition Offer, Insider Wallet Earns $46,000
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Summary
FRIEND surged nearly 30x after Huang Licheng offered $1 million to buy Friendtech, having previously lost over $16 million on the token. An insider wallet, 0x2078, purchased 20 million FRIEND for 1.88 ETH (approximately $4,700) after six months of inactivity. It later sold the position for 18.37 ETH (approximately $46,000), realizing a 10x profit. ETH price activity increased during the surge, with on-chain analysis indicating growing interest in meme tokens.
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